Nature of Deposit

SBI Maxima Multiplier is a cumulative, fixed rate term deposit scheme

Currency

Deposits under the scheme are accepted in BHD and USD only

Eligibility

Individuals above the age of 21 (of all nationalities), legal entities such as firms, companies, trusts, clubs, associations, societies etc. are eligible to open account the scheme. Parent or legal guardian may open account in the name of a minor (i.e. below the age of 21 years). The account will be operated by the parent or legal guardian the account till the minor becomes a major.

Minimum Deposit

BD 1000.000 / USD 2500.000

Period of Deposit

Minimum one month , Maximum five years.

Rate of Interest

As per fixed deposit scheme

Joint Accounts

Accounts can be opened in the joint names of upto three persons. However, notwithstanding any instructions regarding mode of operation in the account / payment of balance in the account, on the death or incapacitation of one of the account holders, the account will be suspended until a representative of the deceased / incapacitated account holder is appointed. The account will be deemed to be divided among (not jointly owned by) the joint account holders.

Guarantee Cover

Cover under the Deposit Protection Scheme of the Central Bank of Bahrain will be available for ‘eligible deposits’.

Jurisdiction

Only the courts in Bahrain shall have jurisdiction in respect of all matters of dispute pertaining to deposits under the scheme.

Governing Law

The scheme shall be governed by and construed in accordance with the law of Bahrain

Compounding of Interest

Interest will be compounded annually and paid along with the principal on maturity.

Premature Withdrawal

No interest shall be paid on premature withdrawal of fixed deposits, unless the deposit has run for a minimum period of 1 month. On pre-mature withdrawal after 1 month, interest shall be paid for the period for which the deposit has run, at 0.25% below the rate applicable for the period, prevailing as on the date of contracting the deposit subject to recovery of unwinding cost, if any, in full.

Renewal of deposit

On maturity of deposits under the scheme, if no instruction is received for disposal of maturity proceeds, the deposit shall be rolled over for the same period as that of the matured deposits, at interest rates then prevailing.

Assignment of deposits

Depositor shall not assign, transfer, charge, pledge or otherwise encumber any deposit without the specific written approval of State Bank of India.

Loan against deposits

The bank may consider loan against the deposits to the extent of maximum extent of 80% of the deposit (including accrued interest).